PRESS RELEASES

ALAMO and NATIONAL'S UK FLEET EXPANDS TO 40,000

Vanguard Car Rental, the operator of National Car Rental and Alamo Rent a Car brands has added more than 5,000 vehicles to its UK fleet bringing it to over 40,000 vehicles for the first time. This latest expansion not only confirms its position as the largest daily rental fleet in the UK but means that in less than two years, their fleet has grown by over 10,000 vehicles.

Stephen Deakin, Vice President Fleet said: "The growth in the fleet is in direct response to the demand we are experiencing from our corporate, consumer and inbound markets and of course the need to supply our expanding branch network. The company has opened 20 new offices in the last twelve months alone. We have added vehicles across the range - cars, vans and our prestige brand Guy Salmon has also seen a significant increase."

In particular, National has boosted the number of 4x4s and has a new group dedicated to these types of vehicles. 1,000 Ford Focus C-MAX and a similar number of new Vauxhall Meriva are also being added responding to the current trend for highly versatile vehicles. For the van fleet, 200 Ford Transit Connect vans have been taken on and an additional number of Jumbo and Tail-lift vans. Finally, a number of Porsche Boxsters and Mini Cooper S Convertibles are set to join the Guy Salmon fleet.

Stephen Deakin concludes: "As a significant buyer of new vehicles in the UK, we are constantly evaluating the fleet and responding to specific demands from our large corporate customers, this is by far the largest one-off increase in the past year. This development demonstrates our commitment to meeting customer expectations ensuring they have access to the widest choice of vehicles on the road today."

Together, the Alamo and National brands make up one of the world's largest car rental companies, with annual revenue of $2.4 billion in 2002. Headquartered in Fort Lauderdale, Florida, the worldwide organisation employs more than 14,000 people, has more than 3,200 locations in over 80 countries and serves customers with a fleet of more than 350,000 vehicles.

In the UK, National Car Rental and Alamo Rent A Car has 145 locations and a fleet of 40,000 vehicles.

In EMEA, National has over 1000 locations in 50 countries and a fleet comprising over 125,000 vehicles.

Throughout the rest of the world Alamo has over 1248 locations in 43 countries and a fleet of over 180,000 vehicles.

National Car Rental is the winner of the Best Daily Rental Company Award in the Fleet News Awards 2004 - the tenth year that the company has won this prestigious award.

National is also winner of the Daily Rental Service Award in the Fleet Excellence Awards 2003 and 2004, the Innovation Award in the Fleet World Honours 2004, the Business Car Services Award in the Business Travel World Awards 2003 and European Car Rental Company 2003 judged by the Institute of Transport Management (EITM) Awards Committee. National was also voted one of the Best Workplaces in the UK, in the Financial Times 50 Best Workplaces in the UK survey for 2003.